1. Referring to the theories of entrepreneurship character, describe whether Amanda¡¯s experience and character fits the models. Need for Achievement – she wanted to be a dance teacher and to do every job-from caretaker to secretary to instructor. She launched her venture at age 19. Willingness to Take Risks – it¡¯s been hard to make people believe in her.-bakers, contractors, fellow entrepreneur¡¦she was failed in hiring a marketing firm, but she said ¡°you learn and you fail and you try again¡± (disappointed customers, the odd NSF cheque) Self-Confidence – she love working with kids. She learned accounting and was in The Business program courses. It was her dream to become a dance teacher. 2. What type of research did Amana conduct that distributed to the success of her venture? What did she fail to research properly? •Secondary Research (secondary published sources)
–statistics databases(the city) – expanding communities, young upscale families, high disposable income, and a gap in competition –examining a city map detailing traffic flow (placed a sign) •She sailed to use Primary Research ( she hired marketing firm instead of experts in the field, professionals such as lawyers and accountants, industry contacts such as trade association representatives or suppliers and potential customers) 3. What issues will Amanda encounter as a second site is opened? Cost in time and money to prepare the plan
Management style and ability
Preferences of the management team
Complexity of the business
Level of uncertainty
4. What strategy did she pursue to create service differentiation? •Single-Segmentation Strategy A strategy that recognizes the existence of several distinct segments but focuses on only the most profitable segment •Niche Marketing Strategies
Restricting focus to a...